Saturday, August 31, 2024 The global railway rolling stock market is set to experience significant expansion, growing from $50.35 billion in 2023 to $53.46 billion in 2024, with a compound annual growth rate (CAGR) of 6.
2%. This growth is fueled by factors such as urbanization, rising demand for efficient transit, railway network expansion, supportive government policies, increased freight transport, and a thriving tourism sector. Projections indicate that the market will continue to thrive, reaching $68.
22 billion by 2028, driven by a CAGR of 6.3%. This future growth will be bolstered by investments in smart transport systems, sustainable technologies, and advancements in autonomous solutions.
Electrification of Rail Networks Spurs Market Growth The shift towards electrification in rail networks is a key factor driving the railway rolling stock market. Transitioning locomotives and tracks to electric power enhances operational efficiency and reduces greenhouse gas emissions. For instance, Eurostat reported in February 2024 an uptick in the number of railcars using electricity in France and Sweden, underscoring the move towards electrification.
This trend is expected to increase the demand for rolling stock with electric traction systems and associated technologies. Gain a thorough understanding of the global railway rolling stock market through a comprehensive sample report: Key Players and Market Dynamics Prominent companies in the railway rolling stock sector include Hitac.